Google Cloud told Cointelegraph that the partnership was done in light of increasing interest from clients exploring blockchain workloads on the platform.
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Google Cloud has joined forces with Web3 startup Orderly Network to create user-centric developer tools for decentralized finance (DeFi) to lower the barrier of entry into the decentralized world.
The partnership will work to develop off-chain components of DeFi infrastructure focused on tackling self-custody and transparency challenges. Orderly will be a DeFi infrastructure provider, available on Google Cloud Marketplace.
Google Cloud told Cointelegraph that the partnership was struck in light of increasing interest from clients exploring blockchain workloads on the platform.
Rishi Ramchandani, head of Web3 for the Asia-Pacific region at Google, told Cointelegraph that the surge in demand highlights the necessity for a tailored Web3 product suite. He added:
“Working with Orderly Network to build robust infrastructure will help address the gaps in DeFi adoption and growth, and ensure scalability in the continuously evolving space through the development of secure and user-centric enterprise developer tools.”
With blockchain technology at the center of the fintech revolution, many in the financial industry are exploring decentralized technologies, including JPMorgan, which has been actively testing various blockchain-based solutions, including DeFi ones. The traditional banking systems started showing interest in blockchain tech quite early, with one report from 2021 suggesting that 55% of the top 100 banks have some exposure to it.
Orderly hopes to distribute the DeFi load into on-chain and off-chain components to ensure a balance between speed and sufficient decentralization. The firm claimed this would streamline operations without compromising the inherent advantages of a decentralized system. The off-chain components will ensure that crucial interactions are carried out on-chain, while interactions that can be efficiently handled off-chain are processed away from the main blockchain.
Cointelegraph reached out to Arjun Arora, chief operating officer of Orderly Network, to understand how Orderly’s collaboration with Google could contribute to making DeFi mainstream. Arora told Cointelegraph that blockchain technology must outperform current solutions to achieve mainstream adoption. Orderly is building a trading Lego for seamless decentralized application integration across blockchains, with a focus on merging the best of decentralized and centralized exchanges.
“Our collaboration with Google ensures our matching engine competes with centralized systems seen in traditional finance, but the rest of our infrastructure and liquidity network retains all the benefits of self-custody and transparency seen in decentralized finance.”
One of DeFi’s biggest challenges is the entry barrier and security issues that have plagued the ecosystem for a long time. Google Cloud’s collaboration with Orderly aims to build a secure environment and tools to help resolve these issues.
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